USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Nov 21, 2022

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The tax information provided here is based on 2022 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $20,000,000 for a ticket purchased in Illinois, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money, as well as deductions claimed.

State:

Illinois

Drawing Date:Mon, Nov 21, 2022
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$79,113$14,901$207,015
2$316,080$84,381$15,646$216,053
3$331,884$89,912$16,428$225,543
4$348,478$95,720$17,250$235,508
5$365,902$101,819$18,112$245,971
6$384,197$108,222$19,018$256,958
7$403,407$114,946$19,969$268,493
8$423,578$122,005$20,967$280,605
9$444,757$129,418$22,015$293,323
10$466,994$137,201$23,116$306,677
11$490,344$145,373$24,272$320,699
12$514,861$153,954$25,486$335,421
13$540,604$162,979$26,760$350,866
14$567,635$172,980$28,098$366,557
15$596,016$183,481$29,503$383,032
16$625,817$194,507$30,978$400,332
17$657,108$206,085$32,527$418,496
18$689,963$218,241$34,153$437,569
19$724,461$231,006$35,861$457,595
20$760,685$244,408$37,654$478,622
21$798,719$258,481$39,537$500,701
22$838,655$273,257$41,513$523,884
23$880,587$288,772$43,589$548,226
24$924,617$305,063$45,769$573,785
25$970,848$322,169$48,057$600,622
26$1,019,390$340,129$50,460$628,801
27$1,070,360$358,988$52,983$658,389
28$1,123,878$378,790$55,632$689,456
29$1,180,071$399,581$58,414$722,076
30$1,239,075$421,413$61,334$756,328
Total$20,000,000$6,322,394$990,002$12,687,603

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.